Friday, November 09, 2007

The Rising Rupee, the Falling Dollar and Lost Jobs

The story of the strengthening rupee, dubbed by Indian newspapers as the "raging" or "roaring" rupee, has cast a long shadow on the export industry. According to the Federation of Indian Export Organizations, 4 million Indians have lost their jobs this year, and the number is estimated to rise to 8 million by March. The worst-affected exporters are those producing garments, leather goods and handicrafts for U.S. customers, as well as companies providing information technology services to the United States.
Today's Washington Post on the fall out from the strengthening rupee.


Savani said...

damned it it rises, damned if it falls. sigh.

Sujatha Bagal said...

Dotmom, you got that right!